Both do it, of course. Usually by selling out policy before taking plumb jobs in the private sector with those firms that benefited. Martin Ferguson and Andrew Robb are two names that spring to mind but there are plenty of others.
But the media is now in a froth about a new Labor attack ad that points the finger at Malcolm Tunbull’s riches:
The television ad attacks Mr Turnbull as being a beneficiary of the big business tax cut because of his investments.
“Turnbull has millions invested in funds which hold shares in dozens of big businesses that would benefit from the tax cuts,” the ad says. “Why is former banker Malcolm Turnbull so keen to give big business a tax cut instead of properly funding our schools and hospitals? Who exactly is he looking after?
“Is he just for the top end of town?”
Today The Australian fires back:
Bill Shorten’s asset-rich frontbenchers, who have led attacks on the personal wealth of Malcolm Turnbull, will continue to have access to the benefits of negative gearing on dozens of investment properties under Labor’s plans to axe the lucrative tax break for new investors.
As the opposition ramps up its class-war attack on “millionaires”, The Australian can reveal many of Labor’s frontbenchers are multi-millionaires, courtesy of bulging property portfolios. Parliamentary records show Labor’s 45 frontbenchers own or have an interest in a total of 105 properties, including 57 classified as residences, and up to 48 classified as investments, holiday houses or blocks of land.
The Opposition Leader has pledged to axe negative gearing, while “grandfathering” arrangements for those already in the market, in a move that would benefit senior members of his leadership team.
So, let’s straighten this out. The Coalition is a believer in trickle down economics. Most of its policies are aimed at making the rich richer, either for themselves, or based on the notion that it’s better for everyone as that wealth “trickles down”. The Coalition tax package – with its orientation towards regressive flattened tax rates and corporations – is the very embodiment of this.
Why is it being so defensive about it all then? It should stand up and declare chin-out that it is for making the rich richer so that we are all made better off. Capitalism demands that the collective tolerate a certain amount of greed. If the Coalition believes in more of it then it should say so proudly.
Conversely, how can Labor Party MPs that hold property can be accused of benefiting from negative gearing reforms that will lower house prices? The same goes for their tax cut package which will cut rates for those on lower incomes than themselves.
Labor has other policies that are very much in favour of the rich elite. The most prominent is ever more aggressive mass immigration. That is especially egregious for its working class and young constituency which are having their wages shredded. But it shares that policy with the Coalition so it’s not a point of difference.
In sum, that the Coalition wants to appear fair while making the rich richer kind of looks like they are doing exactly what Labor alleges. On the other hand, Labor looks on safe fairness ground.
Expect more attack ads. And for them to work given that they’re true.
